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Fair Value Measurement (Tables)

3 Months Ended

Jul. 31, 2013

Assets Remeasured At Fair Value On Recurring Basis

The following table presents the assets that were remeasured at fair value on a recurring basis during the three months ended July 31, 2013 and 2012:



(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Gains (losses)
As of July 31, 2013:
Mortgage–backed securities	$	482,603		$	—		$	482,603		$	—		$	(6,798	)
Municipal bonds	4,430			—			4,430			—			266
Mortgage loans held for sale	7,608			—			—			7,608			(2,916		)
	$	494,641		$	—		$	487,033		$	7,608		$	(9,448	)
As a percentage of total assets	13.1		%	—		%	12.9		%	0.2		%

As of July 31, 2012:
Mortgage–backed securities	$	376,138		$	—		$	376,138		$	—		$	5,820
Municipal bonds	5,653			—			5,653			—			426
	$	381,791		$	—		$	381,791		$	—		$	6,246
As a percentage of total assets	10.6		%	—		%	10.6		%	—		%

Assets Remeasured At Fair Value On Non-Recurring Basis

The following table presents the assets that were remeasured at fair value on a non-recurring basis during the three months ended July 31, 2013 and 2012:



(dollars in 000s)
	Total			Level 1		Level 2		Level 3			Losses
As of July 31, 2013:
REO	$	14,752		$	—	$	—	$	14,752		$	(353	)
Impaired mortgage loans held for investment	76,699			—		—		76,699			(1,390		)
	$	91,451		$	—	$	—	$	91,451		$	(1,743	)
As a percentage of total assets	2.4		%	—		—		2.4		%

As of July 31, 2012:
REO	$	16,384		$	—	$	—	$	16,384		$	(261	)
Impaired mortgage loans held for investment	93,666			—		—		93,666			(4,337		)
	$	110,050		$	—	$	—	$	110,050		$	(4,598	)
As a percentage of total assets	3.1		%	—		—		3.1		%

Quantitative Information About Level 3 Fair Value Measurements

The following table presents the quantitative information about our Level 3 fair value measurements, where the significant unobservable inputs were developed by HRB Bank's management team:



(in 000s)
	Fair Value at July 31, 2013		Valuation Technique	Unobservable Input	Range (Weighted Average)
REO	$	13,917	Third party pricing	Cost to list/sell Loss severity	5% – 57%(5%) 0% – 100%(48%)
Impaired mortgage loans held for investment – non TDRs	$	81,322	Collateral- based	Cost to list/sell Time to sell (months) Collateral depreciation Loss severity	0% – 134%(8%) 24(24) (120%) – 100%(46%) 0% – 100%(59%)
Impaired mortgage loans held for investment – TDRs	$	45,270	Discounted cash flow	Aged default performance Loss severity	29% – 51%(39%) 0% – 21%(5%)

Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values of our financial instruments are as follows:



(in 000s)
As of	July 31, 2013				July 31, 2012				April 30, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,163,876	$	1,163,876	$	939,871	$	939,871	$	1,747,584	$	1,747,584
Cash and cash equivalents – restricted	55,477		55,477		43,109		43,109		117,837		117,837
Receivables, net – short–term	121,309		124,218		116,357		116,357		206,835		206,810
Mortgage loans held for sale	7,608		7,608		—		—		—		—
Mortgage loans held for investment, net	309,681		194,882		386,759		238,658		338,789		210,858
Investments in AFS securities	487,033		487,033		381,791		381,791		486,876		486,876
Receivables, net – long–term	127,855		132,589		128,930		128,930		125,048		134,283
Note receivable (including interest)	61,561		68,973		56,917		62,748		60,352		69,472
Liabilities:
Deposits	759,745		760,449		653,681		653,382		938,331		934,019
Long–term borrowings	906,632		931,300		1,009,634		1,037,169		906,680		964,630
Contingent consideration payments	10,766		10,766		7,090		7,090		11,277		11,277

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details